What Do You Think of the Investment Environment?

i've accurately forecast approximately 17 of the last three recessions, and i've stopped listening to myself. I think central bankers are good people, but sometimes good people are asked to do tough things. What i really look for now is value in areas where i have specific expertise, which is to say, where i think my ability to analyze is better than my competitors. The bottom's fallen out of the micro cap market. All of the liquidity, all of the volume, all of ther research,. all of the e t f stuff is in the large caps. If you had a real yield, if yields returned to the forty year mean, there'd be an absolute catastrophe of bonds.